Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

Sydney

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Sydney’s fast pace population growth is set to come to an abrupt halt. The recent closing of borders and after the restrictions that will follow the COVID-19 pandemic will stop most of it.
For the past half century demand for housing and the accompanying property price growth has been driven in part by population growth.
The latest government estimates suggest the key driver is going to fall sharply over the next year or so.
The disruption will show up in many ways.
Short term tourists have disappeared, but will return.
The weakness in short-term tourist arrivals will hit the domestic tourism industry, though will likely be offset in part by more Australians travelling at home when domestic travel restrictions are lifted in stage two.
Large numbers of temporary residents from overseas have departed, but only a trickle will return any time soon. Ditto temporary working visas.
The fall in numbers of international students on visas will likely not see a return to recent levels anytime over the coming year.
The downward pressure on rental price growth that landlords have seen in recent weeks will likely be extended unless Australia’s sustained comparative advantage as an education and tourism destination returns quickly.
The Government estimates long-term migration arrivals could fall by around 300,000 over the next 18 months, with a drop of 72,000 in the first half of this calendar year and another 204,000 in the 2020/21 financial year.
According to UBS Australia's population growth is forecast to slow to just 0.5 percent in 2020.
This is the slowest pace since 1916, according to economists.
The recent average has been between 1.5 percent to 2 percent per year.
Scott Haslem at Cretonne Wealth Management says at the positive end a temporary pullback in migration flows could provide some time for infrastructure works to "catch up" over the next 18 months.
But for residential housing, the weakness in migration is a significant headwind.
UBS estimates there will be a fall in underlying annual housing demand from around 200,000 to only around 130,000 in the near term - before recovering towards 190,000 by the end of 2022.
This drop in dwelling commencements will mean fewer tradies in work which spells wider problems for the economy.
Construction has continued during the shutdown so employment has not yet been impacted like many other industries.
Lower population growth, from fewer arrivals from overseas, will be accompanied by an emerging drop in the nation's fertility rate currently averaging 1.7 children per couple.
Births falling by 2 per cent to 91,376 in NSW last year.
We are set to enter an ongoing debate especially on the role of temporary migration.
Temporary migration is certain to look different over the next few years than it has over past few. 
That’s its purpose – to adapt to changing circumstances, Monash academic Gabriela D'Souza recently noted.
But the Investec fund manager Graeme Katz recently warned pushing back against immigration as a “seriously short sighted view”.
“Our country needs to send a signal that we’re open for people, we’re open for capital, and we’re open for business, and provide the productive environment for job creation and growth,” he said.
“Only growth will provide the environment for job security, which in turn creates a confidence of consumers to spend and the multiplier flow on ... will provide a tax base to support a well-balanced economy and society,” he said.
This article first appeared in The Daily Telegraph
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jchancellor-FAypfDUnLy

Sydney's population growth set for abrupt Covid-19 induced halt

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Nearly six in 10 experts in Finder.com.au's RBA Cash Rate Survey say now is not a good time to buy property.
Experts and economists have predicted nationwide price falls, with Sydney and Hobart being the hardest hit, both declining over 10 per cent.
Darwin and Melbourne will both see over nine per cent declines, while over eight per cent drops will be felt in Brisbane, Perth and Adelaide.
Canberra is predicted to weather the storm the most, with 6.4 per cent declines forecast.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/6/Finder%20price%20dip%20experts.jpg" alt="">
Graham Cooke, insights manager at Finder, said with increasing unemployment and growing economic uncertainty house prices will slide over the rest of the year. 
“Both househunter and seller demand has weakened in the last month as Australians hunker down to help stop the spread of coronavirus," Cooke said.
“It’s not just experts, we’ve also seen consumer sentiment about whether it is a ‘good time to buy’ drop from a peak of 60% in July 2019 to just 42% in April."
Unemployment is a key reasons for the envisaged price falls.
John Rolfe, head of Elders Home Loans expects unemployment to go as high as 18%. Noel Whittaker, executive in residence and adjunct professor at QUT Business School said the full impact of COVID-19 is yet to be understood. “This recession will be far worse than the government imagines...they can't close down so many businesses and not expect a severe hangover.  “As for real estate, it's never a bad time to buy a bargain,” Whittaker said. 
Susan Mitchell at Mortgage Choice said social distancing measures had "knocked the wind out of the sails of the property market."
"Time will tell if this will translate to declining dwelling values," she said.
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jrobinson-rf4aSBido9

Sydney and Hobart prices to drop over 10 percent by 2021: Finder

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The prestige market, generally considered to be above $5 million in Sydney, has tended to move differently to the wider market, according to the latest Herron Todd White (HTW) residential report. 
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.
"As the wider market bounced back quickly after the GFC on the back of low interest rates and government incentives for first home owners, the prestige market saw significant price declines as share markets and executive bonuses were hit hard.
"On the flip side, the prestige market was generally immune to the recent wider market decline between mid-2017 and mid-2019, with buyers in the prestige market not as susceptible to the tighter lending policies which led to the downturn," the valuation firm said. 
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Given the GFC experience, there must now be some concern for the prestige market around the current COVID-19 pandemic and its effect on share markets and both local and world economies.
"Prestige agents however are currently observing significant demand in the prestige space, particularly at the lower end, in the $5 to $7 million bracket," the valuation firm said. 
The HTW notes that an example of this demand is a property at <a href="https://www.realestate.com.au/property/466-bronte-rd-bronte-nsw-2024" target="_blank">466 Bronte Road, Bronte</a> (pictured below) which sold through Phillips Pantzer Donnelley just five days into its auction campaign.
 The renovated, three level, semi-detached home on 536 square metres of land sold in early March for $5.48 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/4/27/bronte.jpg" alt="">
The selling agent advised that this was a common experience in this price range, with a large proportion of similarly priced homes not even making it to listing, as agents match unsuccessful purchasers to potential sellers of other properties.
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Another example of the current buoyancy in the prestige market is the recent sale of 8/41-43 Middle Head Road, Mosman, the report added. 
The property reportedly sold for $6.9 million in the middle of February and was only on the market for 22 days (source: RP Data). 
This property last transacted on 3 March 2018 for $5.675 million with no obvious improvements made between sales.
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"The Sydney property market is considered to be a safe market to invest in compared to others around the world and with the Australian dollar falling significantly over the past month, interest from overseas purchasers and ex-pats is also likely to strengthen.
"Whilst there may be a softening of market conditions over the coming months as the number of COVID-19 cases in Australia increases and (hopefully) peaks, there are no current signs to suggest that there will be any long term downturn for the prestige market." 
Note regards COVID-19
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This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks. 
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<div>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</div>
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j.ballantyne1990-6AQqhLzZaK

No current signs suggesting long term downturn for Sydney prestige market: HTW residential 

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The past five years have provided good evidence of the factors that drive the Sydney property market, according to the latest Herron Todd White (HTW) residential report.
The valuation firm took a look at what things traditionally matter to property markets and how current crisis is playing into decision making.
The report suggests fiscal, regulatory and monetary policies have all played their parts as the wider Sydney market went from strong growth to its largest decline in three decades before rebounding so quickly that the Sydney median price is already knocking on the door of the previous peak.
"Whilst traditional drivers such as employment levels and the national economic outlook do play a part, these have been fairly stable throughout that five year period as the market fluctuated wildly (in Sydney property price terms anyway).
"The current COVID-19 epidemic is going to have a negative impact on both of these drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term," the valuation firm said.
Low interest rates were a big driver in the market climbing until mid-2017, despite growing affordability issues as many first home buyers were either priced out of the market or had to reconsider the type of property or the suburb they could afford to buy.
"We then experienced tighter lending policies as a result of APRA regulation and the banking Royal Commission which saw the market drop by around 15 percent across Sydney, with some areas dropping by more than 20 percent," the valuation firm said.
Houses were harder hit than units, while the top quartile, excluding the prestige end, experienced the largest falls.
There was a triple boost to the property market in mid-2019, as APRA weakened lending restrictions, the Reserve Bank lowered interest rates three times within a few months and the Coalition government was returned in the federal election.
The report notes the unexpected election result meant that the planned changes to capital gains tax and negative gearing policy proposed by the Labor opposition, would not eventuate.
These three factors saw the Sydney market stabilise between June and August and then rise quickly between September and December, recovering around two-thirds of the median price decline experienced during the downturn. Houses and those areas that saw larger decreases during the decline were generally those that rebounded the quickest.
First home owner incentives introduced in January have also seen these buyers re-enter the market in greater numbers, providing a boost to the lower quartile of the property market.
This was also the experience during the aftermath of the Global Financial Crisis as low interest rates and significant first home owner incentives saw this part of the market grow quickly at a time when the wider economy was struggling.
"The unit market in Sydney has had some additional challenges to deal with over the past couple of years. Whilst prices did not decline as fast as they did for houses, issues around flammable cladding and the highly publicised structural issues of several buildings throughout Sydney have meant increased buyer caution in the new unit market," the valuation firm said.
Certain suburbs also had a large supply of new units reaching settlement at the bottom of the market after being purchased off the plan at the height of the market.
More recently, the supply of new units has slowed and remaining developer stock in completed buildings is now more readily selling, in some cases at prices close to what they were achieving off the plan.
It should be noted though that some developers are resorting to incentives or rebates to clear this stock.
Infrastructure spending has also increased in Sydney over the past few years with a number of large projects still underway or planned for completion by the end of the decade. This has helped fuel the local economy and provide a boost to those suburbs which directly benefit from these infrastructure upgrades.
"Although clearance rates have remained high in recent weeks, there is no doubt that the COVID-19 outbreak will lead to a short term softening in market activity," the valuation firm said.
According to CoreLogic, there were 749 auctions in the wider Sydney region for the week ending 15 March, down 28 percent from the 1045 auctions held in the week ending 1 March. They also reported that the preliminary auction clearance rate has dropped from 82.6 percent to 74.6 percent over the past two weeks.
"Despite this, median prices have continued to increase throughout this period.
"It is likely that potential sellers will hold off listing their properties in the next few months as Australia goes through an increase and (hopefully) peak in COVID-19 cases. This lack of new stock on the market will likely help hold up property prices," the valuation firm said.
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Sydney median prices continue to increase in the time of coronavirus crisis: HTW residential 

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The Bathla Group has expanded its operations with the lease of a second premises in Sydney’s west.
The western Sydney’s construction companies has taken a three-year lease on 3 Augusta Street, Blacktown, for a gross rent of $300,000, plus GST.
The agreement on the 4,500 sqm site includes an additional three-year option, to accompany the existing base it owns in the nearby Girraween.
A 2,000 sqm, freestanding building with access via three rollers doors is complemented by an expansive yard and easy access to the Great Western Highway, M7 and M4.
CBRE’s Matthew Alessi and Brendan Wein managed the campaign with James Reeves from Knight Frank.
“Bathla Group desperately needed additional space, having outgrown their existing facility,” Mr Alessi said.
“This site suited them due to the large hardstand area, proximity to their current Girraween base and the quick availability of the property.” 
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Bathla Group leases new Blacktown site

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Dior has lodged its final plans for refurbishment at prominent historic site in Sydney's CBD.
A Sydney Dior store's <a href="https://cdn.online.cityofsydney.nsw.gov.au/dasearch/onexhibition/1464238-12050077.PDF" target="_blank">final plans for renovation</a> was lodged by senior heritage architect of Curio Projects, Susanne Magers, and director of Curio Projects, Natalie Vinton, to the City of Sydney Council on January 24, 2020. 
The Castlereagh Street and King Street property projected a total of $9,977,277 for its refurbishment with Curio Projects.
"The site is located in the vicinity of a number of local and state heritage listed buildings," reports Curio Projects. Consequently, Christian Dior Australia had commissioned Curio Projects to prepare its Heritage Impact Statement in support of its Development Application to the council for permission to make internal aesthetics and structural changes. 
The 153 King Street block has a diverse history and has undergone many extensive changes.
Consequently, Curio Projects has expressed Dior's intentions of preserving its historic value.
In 1858, the then single-storey block was called the Carrier's Arms, which was then replaced by another hotel, named the Colonnade Hotel.
Around 1861 and by the 1870s, it was one of 13 hotels located within a 50-yard radius, making it the densest concentration of hotels in the CBD area. 
In 1880, a three-storey hotel off the same name was constructed by rapidly underwent several changes. 
By 1896, Surrey Hotel took over, licensed under Frank Underwood, and remained for the next 80 years. 
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Source: <a href="https://cdn.online.cityofsydney.nsw.gov.au/dasearch/onexhibition/1464238-12041150.PDF" target="_blank">Curio Projects 2019, Heritage Impact Statement Dior Building prepared for Christian Dior Australia</a>
The Surrey Hotel was architecturally impacted with the construction of the Culwulla Chambers.
The owners of the Surrey Hotel's refusal to sell their property for the development of the Culwulla Chambers, resulted in the unusual shape of the building. 
According to a 1912 Daily Telegraph report, the owners "regretted the ugly corner". 
By 1928, Tooth &amp; Co owned the Surrey Hotel, who commissioned the architectural firm, Prevost, Synnot &amp; Ruwald to remodel the hotel to its present façade. 
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Source: <a href="https://cdn.online.cityofsydney.nsw.gov.au/dasearch/onexhibition/1464238-12041150.PDF" target="_blank">Curio Projects 2019, Heritage Impact Statement Dior Building prepared for Christian Dior Australia</a>
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The State Heritage Register listing for the ‘Former Surrey Hotel including interiors’ has provided a Statement of Significance since 2012. It states: 
"Christian Dior, formerly the Surrey Hotel, is a four-storey building of Interwar Free Classical Style, located on a prominent corner block. The building has historic significance as an important building in the professional work of the noted architect Provost, for the lengthy tradition of hotel trade on this site since 1860's, and for its ability to reflect the development of King Street as a major city cross street. It has high aesthetic significance as a rare and outstanding example of a highly intact terracotta clad exterior with outstanding potential to continue in its restored state. It has social significance for its role as part of a network of purpose- built hotels which provided both a social and recreational venue, and budget accommodation in the city. It has high scientific significance for its early use of a terracotta clad exterior."
 
 
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Dior lodges $9.9 million proposal for refurbishment in Sydney

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Auction clearance rates strong with Sydney's housing boom spreading: REA's Nerida Conisbee

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In general terms, the Sydney industrial property market performed strongly in 2019 and it will be the most exciting market to watch in 2020, according to the February report from valuation firm Herron Todd White.
The property valuation firm found a notable increase in demand in Sydney’s industrial market over 2019 with tenants and owner-occupiers alike experiencing difficulty finding well located, good quality industrial space, a trend we expect to continue in 2020.
Demand continues to be driven by lack of supply that has been influenced by residential infill re-zonings in traditional industrial precincts close to the Sydney CBD, airport and ports.
The increase in demand for imported goods and the need for transport and logistics centres have also contributed to the strong increase in demand for warehousing space. As a result, well-located industrial precincts with good connectivity to major transport routes and ease of access to regional business centres including Liverpool, Campbelltown, Parramatta, Blacktown and Penrith will continue to perform well this year.
Such precincts include Wetherill Park, Silverwater, Bankstown and Moorebank, all of which are well placed for access to key transport routes.
HTW valuers said, "we saw yield compression across most industrial precincts in 2019 and we expect this to stabilise somewhat in 2020 with most areas showing relatively low yield rates, currently generally sitting between 4% and 7%."
"We expect that in some areas it is possible that these yields will continue to tighten, but more generally we are expecting stability."
"Average rents across most industrial markets in Sydney grew in 2019, particularly in well located precincts that offer ease of access, transport or proximity to the CBD and ports. We expect that this upward trend will continue in 2020.
"A continued lack of land supply will see premiums paid for vacant land and under improved sites. in some areas we have noted the return of developers undertaking industrial developments and some smaller unit developments being undertaken by local land owners."
They said they will be closely watching the Western Sydney Aerotropolis.
HTW forecast that 2020 will provide some great opportunities in the market, however the challenge will be supply, which may make finding the right property difficult.
Investors looking for returns will struggle at the lower end of the market, however some opportunity for returns and longer-term growth exist at the higher end of the market (say above $5 million), they concluded.
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Sydney industrial market driven by lacking supply: HTW Industrial

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The start of 2020 has been tragic with catastrophic bushfires across the country and New South Wales being particularly hard hit, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm asked their values to give an educated outlook on the residential market in their service areas in February.
 "Time will tell how this will play out both economically and politically for the remainder of the year and what impacts this may have on the wider property market," the valuation firm said. 
After the start of the recovery from the middle of the year, 2019 enjoyed a 5.3 percent increase in Sydney dwelling values over the year.
The last quarter of 2019 ended with a bang as Sydney property prices jumped 6.2 percent in the last quarter alone, with prices now only 6.4 percent below the 2017 peak (CoreLogic).
"We believe this jump was mostly due to an increase in demand after the elections and interest rate cuts, while new listing levels remained fairly subdued in comparison to prior years," the valuation firm stated.
<a href="https://www.propertyobserver.com.au/images/2020/2/10/sydney%201.jpg" target="_blank">Click here</a> to enlarge:
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Breaking down the numbers further, the top quartile of property prices saw the quickest recovery in prices in 2019 with a seven percent increase, compared to the bottom quartile only experiencing a 1.4 percent increase (CoreLogic).
The report suggests houses (6.1 percent increase) also performed better than units (3.4 percent increase) across 2019 according to CoreLogic.
This is not surprising since houses fell at a quicker rate during the downturn and unit prices are still being affected by an oversupply of new units in some areas.
Sydney also had seven of the top 10 performing metro sub-regions across the country, with the inner west and Baulkham Hills and Hawkesbury sub-regions both experiencing 8.8 percent increases over the year (CoreLogic).
<a href="https://www.propertyobserver.com.au/images/2020/2/10/sydney%202.jpg" target="_blank">Click here </a>to enlarge:
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"Overall, we expect new listings to increase in the first half of 2020 which should see price growth begin to moderate. Despite this we still expect to see prices increase by around 10 percent for the year, which will mean prices should move above the previous peak in the second half of the year.
"We expect prices to be fairly strong across most regions and sub-sectors however we expect the lower quartile to begin to improve at a quicker pace while new units in over- supplied suburbs may remain weaker for the first half of the year."
A number of infrastructure developments have recently opened, or will open in 2020, which will continue to strengthen prices in the suburbs benefiting from these links.
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Sydney market expected to see moderate price growth in 2020: HTW residential Clock

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Capital city auctions saw a national clearance rate of 77 per cent as 2,446 homes went under the hammer. 
Sydney recorded the highest clearance rate with 81 per cent of listings finding buyers, with Melbourne closely behind at 79 per cent. 
Both major market improved their success rates on higher volumes, CoreLogic auction analyst Kevin Brogan noted.
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One year ago, Sydney 801 auctions were held and the clearance rate came in at 50.2 per cent.
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Once again, Melbourne was the busiest auction market with a total of 1,215 auctions , according to CoreLogic. Sydney was the second busiest with 938.
Of the 557 Sydney results captured, 454 homes sold.
A Surry Hills terrace with a colourful brothel past soared $440,000 above reserve selling for $2.87 million at its weekend auction.
It was the first sale in more than 100 years of the three-bedroom Victorian terrace.
It was a suspected former brothel during the Great Depression with links to the infamous madam Tilly Devine.
The Surry Hills terrace attracted 17 registered bidders for the <a href="https://www.domain.com.au/448a-bourke-street-surry-hills-nsw-2010-2016025975">448A Bourke Street</a> premises.
Bidding started at $2.3 million and quickly passing the $2.43 million reserve for the 125-square-metre block.
It sold to the family of wealthy rag trader Michael Gazal.
It was held by the same family for four generations.
The terrace was transferred last for £30 in 1916.
Elizabeth “Granny” Lynn, the vendors great grandmother had been friends with Tilly Devine, hence the reputed association.
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Sydney had the most expensive sale among the capitals when <a href="https://www.simeonpartners.com.au/AB1P0839/15-stanley-avenue-mosman" target="_blank">15 Stanley Avenue, Mosman</a> sold through Simeon Partners for $8,460,000. 
The four-bedroom, three-bathroom early 1980s home had a price guide of $6.5 million.
However, after 21 contracts were issued, and 11 registrations, the selling agent Richard Simeon advised there was "one delighted vendor." 
The Mosman Daily reported there were 65 bids lodged during the 30 minute auction.
The residence situated on 600 sqm was offered to the market for the first time in some 37 years. 
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Sydney's most affordable auction was a two-bedroom, one-bathroom apartment at <a href="https://www.propertyobserver.com.au/https://auburn.randw.com.au/property/0000427274" target="_blank">10/118 Woodbury Road, Berala</a>.<a href="https://www.realestate.com.au/property/unit-8-118-woodburn-rd-berala-nsw-2141" target="_blank"></a><a href="https://www.realestate.com.au/property/unit-8-118-woodburn-rd-berala-nsw-2141" target="_blank"></a>
Built in 1969, the unit fetched $387,000 through R&amp;W. It had last sold at $29,950 in 1979.
Housing commentator Dr Andrew Wilson at My Housing Market noted the Sydney auction market had recorded "the highest for the year so far despite another surge in listings."
Sydney's Northern Beaches secured the highest clearance rate among all sub-regions.
It saw a clearance rate of 95 per cent from 100 auctions, reports CoreLogic.
The Hotspotting housing commentator <a href="https://www.propertyobserver.com.au/terry-ryder/110306-northern-beaches-rising-buyer-demand-drives-greater-sydney-to-strongest-sydney-market-hotspotting-s-terry-ryder" target="_blank">Terry Ryder recently suggested</a> among Sydney sub-regions "the leading market is the Northern Beaches."
In Melbourne, of the 970 weekend auction results captured, 772 homes were sold.
The highest residential sale reported in Melbourne was at <a href="https://www.realestate.com.au/property-house-vic-parkville-132827938" target="_blank">69 Fitzgibbon Street, Parkville</a> when the five bedroom Postmaster's residence sold through Woodards for $4,040,000.
Its price guide had been between $3.6 million and $3.9 million given it currently returns $72,000 from the retail and residential components.
The post office lessee is open to staying on at a current annual rental of around $31,000.
It last sold 23 year ago.
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Built in 1889, the 510 sqm residence features a grand arched hallway and staircase which transitions through to the north-facing lounge area. 
The property has a spacious rear yard accessible via the Post Office Lane. 
The post office at the front of the building is currently leased on a monthly basis by Australia Post.
There was a higher undisclosed sale in Kooyong when three bidders took the top offer for <a href="https://kayburton.com.au/real-estate/house-3-st-martins-close-kooyong-vic-3144-1425126" target="_blank">3 St Martins Close</a> to $5,561,000. It was sold after auction at an undisclosed price.
The Steve Domoney Architecture designed home set in Jack Merlo gardens was a four bedroom, five bathroom home with a study set on a 600 sqm block.
The price guidance had been $5.5 million to $5.9 million.
Melbourne's cheapest auction sale was a beachside apartment at <a href="https://www.hodges.com.au/property/875044/11-62-72-bay-road-sandringham/" target="_blank">11/62-72 Bay Road, Sandringham</a>.
It was the nation's cheapest capital city result.
The one-bedroom, one-bathroom apartment sold two days prior to auction through Hodges Real Estate for $275,000.
The price guide had been $270,000 to $297,000.
Last advertised as a $310 a week rental in 2016, it sold in 2009 at $355,900.
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Across the smaller auction markets, Canberra recorded the highest preliminary clearance rate of 70 per cent, followed by Brisbane at 62.7 per cent. 
Brisbane's most expensive auction, according to Domain, was the Queenslander at <a href="https://www.belleproperty.com/listings/874529/50-groom-street-gordon-park-qld-4031/" target="_blank">50 Groom Street, Gordon Park</a>.
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The four-bedroom, three-bathroom home was sold through Belle Property for $1,950,000
It sat on a 1,214 sqm parcel of land with solar heated pool. 
Meanwhile Domain reported Brisbane's most affordable auction was a two-bedroom, two-bathroom apartment at <a href="https://aspley.ljhooker.com.au/unit-in-chermside-qld-4032-au-1wdsf1r#.XlHySS2B3eQ" target="_blank">11/23 Playfield Street, Chermside</a>. 
The 306 sqm unit sold through LJ Hooker for $345,000.
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The third-floor apartment in the HQ complex sold at a loss given its last sale in 2008 for $445,000.
It had been a $400 a week rental offering in 2018.
 
 
 
 
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